The Emergency Financial Manager in Flint is stepping down.
Ed Kurtz has mentioned his impending retirement during weekly press conferences, but he formally submitted his resignation on Wednesday. That's just 30 days before he will leave his job as the city's EFM. There's no word yet on who will take his position.
Kurtz released the city's Fiscal Year 2014 budget last week, and it doesn't call for any cuts to police or fire staffing.
But looking past 2014, the news from Kurtz and State Finance Director Jerry Ambrose last week was a bit grim.
"We're looking at a deficit of about $9 million in fiscal 2015; $6.8 million of that is coming from a loss of grant revenue," said Ambrose.
For instance, the federal safer grant, which funds firefighters positions, is set to expire in 2015. If it's not renewed, Ambrose says, "The staffing at our fire department decrease from 94 to about 75. We will probably be looking at closing two of the five stations."
On top of that, Flint will face at least a $3-million structural deficit in each of the next four years.
Ed Kurtz says the city must find a new source of revenue to handle that structural deficit.
Kurtz says, "If we raise the income tax in the city a half a percent, in the county a quarter of a percent, that would raise a little over $7 million a year."
In the near future, Flint is still facing a $19-million budget deficit.
Kurtz says they have a two-pronged plan to deal with that deficit in the next year. They plan to ask the department of treasury for a $12-million loan.
Officials plan to include debt reduction dollars in future budgets to make up that remaining $7 million.
Kurtz says bankruptcy would have been too expensive and time-consuming to fix Flint's future financial problems.
Copyright 2013 WNEM (Meredith Corporation). All rights reserved.
Do you think having an Emergency Financial Manager will help Flint fix its troubles?
Thank you for participating in our poll. Here are the results so far:
Wednesday, April 23 2014 6:58 PM EDT2014-04-23 22:58:00 GMT
Midland Police are the hunt for a man who allegedly held up an area gas station late Tuesday night.Officers were called to the Admiral gas station on South Saginaw Street around 11:50 p.m. Tuesday. TheMore >
Midland police are the hunt for a man who allegedly held up an area gas station late Tuesday night.More >
Wednesday, April 23 2014 12:31 PM EDT2014-04-23 16:31:28 GMT
Three teens are reported to have been killed after leading police on a high speed chase in a stolen vehicle. The accident happened on I-75 in Detroit over the weekend. Several news outlets report a 17-year-oldMore >
Authorities have released the names of three teenagers who were killed when their stolen Jeep went off an embankment and crashed upside down in Detroit.More >
Wednesday, April 23 2014 8:56 AM EDT2014-04-23 12:56:46 GMT
Fulton County police arrested Atlanta Public Schools paraprofessional Alger Shafter Coleman, III and charged him with cruelty to children in the first degree and simple battery.Coleman was caught on cameraMore >
Fulton County police arrested Atlanta Public Schools paraprofessional Alger Shafter Coleman III and charged him with cruelty to children in the first degree and simple battery.More >
Wednesday, April 23 2014 11:11 AM EDT2014-04-23 15:11:58 GMT
A woman from Plymouth said organ donation changed her family's life. Ten years ago, Tina Ray said she had a conversation with her 20-year-old son, Nick Ray, that most people do not want to have. "He andMore >
A woman from Plymouth said organ donation changed her family's life.More >
Monday, April 21 2014 2:07 PM EDT2014-04-21 18:07:19 GMT
A local business manager was stunned to see her most recent water bill. Kim Haken runs the Columbus Laundromat in Bay City. She says when she opened the bill, it read that the company owed $18-thousand.WhenMore >
A local business manager was stunned to see her most recent water bill. More >
ObitMichigan.com is dedicated to delivering immediate, up-to-date information on obituaries 24 hours a day, 7 days a week to families and friends in Mid-Michigan. Death notices are displayed during theMore >
ObitMichigan.com is dedicated to delivering immediate, up-to-date information 24 hours a day, 7 days a week to families and friends who have lost loved ones.More >
Wednesday, April 23 2014 11:24 AM EDT2014-04-23 15:24:15 GMT
Authorities say a 31-year-old Detroit woman whose body was found near her dehydrated 8-month-old daughter was stabbed to death.The Wayne County medical examiner's office identifies the woman as CharmanekMore >
Authorities say a 31-year-old Detroit woman whose body was found near her dehydrated 8-month-old daughter was stabbed to death.More >
Wednesday, April 23 2014 11:20 AM EDT2014-04-23 15:20:52 GMT
The landscaping season is just getting underway and for a local business, much of the equipment they use to bring home the bacon was found burnt to a crisp on an abandoned Detroit street. "This is ourMore >
Equipment from a local business was found burned to a crisp on an abandoned Detroit street.More >